The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Relativity, Principle of, in Political Economy

  • J. N. Keynes
Reference work entry


The principle that the economic doctrines true for any given epoch are relative to the particular circumstances of that epoch, and cannot be regarded as permanent or true for all times, is an essential element in the teaching of the historical school of economists. The idea of the relativity of economic doctrines follows easily from the conception of economic life as exhibiting continuous organic growth and development, and this conception is itself the natural outcome of historical study.

This is a preview of subscription content, log in to check access.

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • J. N. Keynes
    • 1
  1. 1.